Yerxa takes 3rd Prize in 2005 Ray Scherr Business Plan Competition
Cal Poly State University - Students in Free Enterprise
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The goals of the Business Plan Competition are to involve Cal Poly students in the process of new venture creation, encourage commercialization of promising ideas from Cal Poly’s colleges and research centers, and build bridges between Cal Poly, entrepreneurial community and the community member of San Luis Obispo.
The Competition achieves these goals by supporting students and faculty in forming teams and exchanging ideas, providing a disciplined process of business plan development, and fostering opportunities to meet and interact with experienced entrepreneurs and investors.
The Competition simulates the process that entrepreneurs follow in seeking funds from investors to launch a company. Student teams progress through a sequence of steps including a Business Concept Outline, a written Business Plan, and an Oral Presentation before Judges who serve as an investment committee. The winner of the competition will be based on the judge’s final decision of the idea that has the best investment opportunity.
The process of business plan development provides an opportunity to conduct research and clarify assumptions; identify risks, problems, and issues; learn from external input and advice; test the climate of teamwork; define resource requirements; and attract external resources.
First prize went to Chris Miller, a recent Cal Poly graduate, for AdSoft Direct, a mail campaign system and software program.
Second prize went to Elizabeth and Chad Pond’s business plan for Elegant Weddings, a wedding planning venture that capitalized on online support services with the individualized attention of a traditional wedding planner.
Third prize went to Melissa Yerxa and Lee Heringer, both graduates from the College of Agriculture. Their business plan for Local Legends hopes to build a small family recipe for wild game marinades into a profiting business.